UBS/PwC Billionaires Report 2018: Total billionaire wealth grows 19 percent to USD 8.9 trillion, its highest level in history

Globally, billionaire wealth enjoyed its greatest-ever increase in 2017,
rising 19 percent to USD 8.9 trillion among 2,158 individuals. While the
Americas and Europe maintained a healthy growth rate, Chinese
billionaires led the way, expanding their wealth by 39 percent to USD
1.12 trillion.

These findings were published today in UBS and PwCa??s annual Billionaires
Insight Report: New Visionaries and the Chinese Century. Now
in its fifth edition, the report draws on UBS and PWCa??s extensive client
network and access to data, and aims to promote a deeper understanding
of the billionaire population globally.

Among the reporta??s findings on U.S. billionaires:

The U.S. continues to lead in overall billionaire wealth, but its
dominance as an innovator is challenged by China:

The U.S. is still home to the largest concentration of billionaire
wealth, which in the U.S. grew by 12 percent to USD 3.1 trillion,
powered by the technology and consumer & retail sectors

There are currently more billionaires in Asia than in the U.S., and if
Asia continues to grow at the current rate, it will also have a larger
concentration of wealth in three years

Globally, billionaires have driven 80 percent of the 40 main
breakthrough innovations over the last 40 years; 80 percent of the
companies behind these innovations are based in the U.S.

The U.S. has a bigger footprint in the tech industry, with 70 tech
billionaires accounting for USD 707.6 billion of wealth

China is catching up with the U.S. a?? from 2016 to 2018 the country
gained 67 companies with unicorn status versus 119 in the U.S.

Last year, China not only minted more self-made, billionaire
entrepreneurs (89 for the first time), but saw a faster rate of
growth, with 17% of these new Chinese billionaires founding businesses
less than 10 years ago, compared to 7% in the U.S.

Billionaires in Asia and especially China's city of Shenzhen are now
challenging the U.S.a??s traditional dominance in technology
entrepreneurialism. In 2017, they equaled Americaa??s level of venture
capital funding for start-ups, registered four times as many
Artificial Intelligence-related patents, and three times as many
blockchain and crypto-related patents as their U.S. counterparts

The Chinese cohort is 97% self-made, with many of them in sectors such
as technology and retail. 89 Chinese entrepreneurs became billionaires
in 2017, roughly three times more than in the U.S. and EMEA
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